Diamond Food stock takes off

Diamond Foods Inc. shares soared Thursday, a day after the snack food maker, whose largest processing facility is in Stockton, reported record third-quarter earnings.

The Record

Diamond Foods Inc. shares soared Thursday, a day after the snack food maker, whose largest processing facility is in Stockton, reported record third-quarter earnings.

Diamond's stock closed at $29.44 a share Thursday on the Nasdaq market, up $3.78, or nearly 15 percent. That was near the 52-week high of $32.14 a share and well above the year's low of $18.39.

The company reported fiscal third-quarter earnings Wednesdayof $2.7 million, or 16 cents per share, in the three months ended April 30. That was up 144 percent from the $1.1 million, or 7 cents per share, earned in the same period of 2008.

Sales in its third quarter grew 11 percent, to $111 million from $100 million.

Diamond Food's results exceeded the forecasts of analysts polled by Thomson Reuters, who had expected a profit of 14 cents per share on sales of $104 million.

In addition, executives boosted their expectations for the full year ending July 31, predicting earnings per share of $1.31 to $1.36, 44 percent to 49 percent more than the year before.

Never miss a story

Choose the plan that's right for you.
Digital access or digital and print delivery.